Korea Pledges $10bn To Africa, Nigeria Positioned To Benefit

Abuja, Nigeria – The Republic of Korea has announced a substantial $10 billion development assistance package for Africa, with Nigeria identified as a key beneficiary.

The announcement was made by the Korean Ambassador to Nigeria, Ambassador Kim Pankyu, during the Korean National Day Reception in Abuja.

Ambassador Kim highlighted that Nigeria, with its position as the largest economy and market in Africa, is primed for a strong partnership with Korea.

He emphasised that Nigeria is among the top contenders to benefit from the $10 billion development assistance, as well as a $14 billion boost allocated to Korean companies seeking to expand their activities in Africa.

“Since Nigeria is a leading economy and the biggest market in Africa, I believe that the partnership between Korea and Nigeria will be one of the most vibrant ones in the years to come,” said Ambassador Kim.

The Ambassador also cited the strong growth in trade between the two countries, with a 55% increase in the third quarter of the year.

Notably, imports from Nigeria to Korea surged by 91%, demonstrating a growing mutual interest in each other’s markets.

Beyond economic cooperation, Ambassador Kim emphasized the burgeoning cultural exchange between Nigeria and Korea.

He observed a burgeoning interest in Korean culture, including K-Pop, K-Dramas, and K-Food, among Nigerians.

He believes this cultural exchange will further strengthen the bond between the two countries.

Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, echoed the positive sentiments, commending Korea’s commitment to development partnerships with Africa.

He highlighted the success of the inaugural Korea-Africa Summit in Seoul, a testament to the growing partnership.

“Nigeria and Korea have enjoyed excellent and vibrant relations since the establishment of diplomatic relations in 1980,” said Ambassador Tuggar.

He noted the strong presence of Korean companies in Nigeria, including Samsung, Daewoo, and Hyundai Heavy Duty Industries, which have significantly contributed to the Nigerian economy.

Both ambassadors expressed optimism about the future of the relationship, highlighting the potential for further growth in trade and investment for the mutual benefit of both nations.